S&P 500 Price Forecast August 14, 2017, Technical Analysis

The S&P 500 went sideways during most of the session on Friday, but then exploded to the upside as the Americans went back to work. I believe that if we can break above the 2450 handle, the market should continue to go much higher, perhaps reaching towards the 2475 level. Ultimately, I think that the market should continue to go higher, perhaps reaching towards the 2500 level. We have seen quite a bit of volatility, and the market of course has been rattled by the war of words between the United States and North Korea. Alternately though, I think that this is a market that continues to be very resilient, as we have seen more than one “buy on the dips” type of situation appear. Ultimately, I think that the market continues to grind to the upside and will eventually break above the 2500 level.

2400 below

I believe that the market at 2400 as a massive bullish and supportive level. If we break down below there, I think that the market will fall apart. In the meantime, I look at these pullbacks as value and realize that clearing the 2450 level would be a sign of strength. If we did breakdown below the 2400 level, then the market would fall apart and I would become a massively short traitor. Ultimately, this is a market that will be paying attention to what’s going on between the United States and North Korea, and that of course will continue to be one of the main drivers of what happens next. For what it’s worth, we have seen a bounce from an uptrend line on the short-term charts, so I think that the buyers are about to return. However, caution is necessary as we have seen recently.

S&P 500 Video 14.8.17